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Brookmount Explorations Inc. Executes Share Exchange Agreement with SL Group Holdings Limited to Acquire Operational and Producing Gold Properties
Brookmount Explorations Inc. Executes Share Exchange Agreement with SL Group Holdings Limited to Acquire Operational and Producing Gold Properties.
About this update from Brookmount Explorations, Inc.
[{"type":"text","content":"\n\n LOS ANGELES, CA, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Brookmount Explorations Inc. (OTC PINK: BMXI), a U.S. exploration and development stage company, today announced that it has completed a share exchange agreement with the shareholders of SL Group Holdings Limited., a Company incorporated under the laws of British Virgin Islands, whereby Brookmount Exploration has acquired all of the issued and outstanding shares of SL Group Holdings Limited. For shares of Brookmount and the assignment of Brookmount Series A convertible notes.  Upon completion of this transaction, the shareholders of SL Group Holdings Ltd. will gain voting control of Brookmount Explorations, Inc. and SL Group Holdings Limited will become a wholly owned subsidiary of Brookmount Explorations Inc.\n As a result of this transaction Brookmount Explorations will acquire a 90% interest in a fully operational and producing gold mining business based in Indonesia, one of the world fastest growing economies. The remaining 10% interest is held by the Indonesian operating partner.  The mining operation covers two mining, extraction and production facilities covering a total of approximately 58 hectares of volcanic sediment hosted gold with a grade of recoverable ore between 2.5 and 7.5 grams per ton.  The operation enjoys a relatively low extraction cost of approximately 50% of the gold spot price of $1,300 per troy ounce.  The two gold bearing properties are currently producing quarterly gross revenues of approximately US$1.2 million. Given the complementary nature of Brookmount’s previous mineral business, the transaction represent a seamless transition to a larger, revenue producing platform which comes with a highly experienced management team. Safe Harbor StatementsExcept for the historical information contained herein, certain of the matters discussed in this communication constitute “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995.  Words such as “may,” “might,” “will,” “should,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “seek to,” “plan,” &...